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Shares of Schaeffler India jumped nearly 15.4% in five trading sessions from its previous closing low of Rs 3,140.50 on 2 September 2022. The counter hit a 52-week high of Rs 3,744 in intraday today. The stock has surged 155% from its 52-week low of Rs 1,416 recorded on 8 October 2021.
On the BSE, 88,000 shares were traded in the counter so far compared with average daily volumes of 11,000 shares in the past two weeks.
In last one month, the stock has jumped nearly 25.8% outperforming the Nifty 50 index which rose 1.85% in the same period.
On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 2754.35, 2465.28 and 2121.12 respectively. These levels will act as crucial support zones in near term.
On the technical front, the stock's daily RSI (relative strength index) stood at 85.727. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
Schaeffler is among the largest industrial and automotive supplier. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India.
The company's consolidated net profit rose 67.5% to Rs 214.61 crore on a 41.8% increase in net sales to Rs 1,748.83 crore in Q1 FY23 over Q1 FY22.
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